#Gemini to Settle for $5 Million#
Hot Topic Overview
Overview
Gemini cryptocurrency exchange has agreed to pay $5 million to settle charges with the U.S. Commodity Futures Trading Commission (CFTC) to resolve a case in which the CFTC alleged that Gemini misled regulators in 2017 about the ease with which it could manipulate the price of bitcoin futures contracts. The settlement agreement neither admits nor denies liability by Gemini and includes an injunction barring Gemini from making any false or misleading statements to the CFTC in the future. The case was scheduled to go to trial on January 21 but will now not proceed. Gemini also faces a separate charge from the U.S. Securities and Exchange Commission (SEC), which alleges that Gemini violated securities laws.
Ace Hot Topic Analysis
Analysis
Gemini has agreed to pay $5 million to settle charges brought by the U.S. Commodity Futures Trading Commission (CFTC) that the cryptocurrency exchange misled regulators in 2017 about the ease with which Bitcoin futures contract prices could be manipulated. The settlement, reached ahead of a trial scheduled for Jan. 21, sees Gemini neither admitting nor denying wrongdoing. The agreement also includes an injunction barring Gemini from making false or misleading statements to the CFTC in the future. The case is part of a series of enforcement actions by the CFTC against the cryptocurrency industry aimed at regulating the sector and preventing fraud. Gemini also faces a separate lawsuit from the U.S. Securities and Exchange Commission (SEC) alleging violations of securities laws. The cases reflect the increasing scrutiny of cryptocurrency exchanges by U.S. regulators in the absence of clear legislation governing the industry.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
Gemini agrees to pay $5 million to settle charges with the CFTC that it made misleading statements about the ease of manipulating bitcoin futures contract prices in 2017.
Gemini settled without admitting or denying wrongdoing.
The settlement agreement includes an injunction barring Gemini from making false or misleading statements to the CFTC in the future.
Gemini also faces a separate case from the Securities and Exchange Commission (SEC) alleging that it violated securities laws.